Ovako’s Sustainability Report for 2020 outlines direction for new ambitious climate targets
The new report highlights Ovako’s leadership in sustainable steel production with a 54 percent reduction in CO 2 emissions since 2015 and a carbon footprint for its steel products that is 80 percent lower than the global average. It also sets new targets to build on these achievements through to 2040.
Ovako has published a Sustainability Report covering its activities during 2020. It shows that the company made significant sustainability improvements while also adapting to the health, safety and logistical challenges of the pandemic.
The report establishes a roadmap to achieve new climate targets that align with the Paris Agreement, to limit the global temperature change to below 1.5 ˚C. This details how Ovako will further reduce its cradle-to-gate carbon footprint for hot-rolled steel bar through process improvements and efficiency measures.
Ovako will also develop case studies to show how high-performance steel can save CO2 emissions for customers by enhancing the performance of their products.
Marcus Hedblom, President and CEO at Ovako said: “Governments around the world are setting ambitious emission targets and focusing on a sustainable recovery from the COVID-19 pandemic. With our strong sustainability position and the roadmap laid out in our latest Sustainability Report, we are ready to accelerate towards our ambitious new climate targets.”
A major milestone covered in the Sustainability Report was the successful full-scale trial using hydrogen to heat steel before rolling at a pit furnace in Hofors. If adopted by steel producers around the world, this technique has the potential to save 300 million tonnes of CO2 annually, provided that access to fossil-free electricity is available.
Learn more about Ovako’s approach to sustainability at www.ovako.com